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Genworth Life Insurance misses threshold so far in tender offer
By Susanna Moon
Chicago, Dec. 22 - Genworth Life Insurance Co. said the minimum tender condition had not been fulfilled as of the early tender deadline, 5 p.m. ET on Dec. 22, in the cash tender offer for its five series of RLIII INC money market securities and one series of RLIII INC term securities.
The offer is conditioned on a minimum of $475 million face amount of securities being tendered.
Under the terms of the offer, the threshold must be satisfied or waived by midnight ET on Jan. 9.
As previously noted, for the $250 million principal amount of INC term notes series RLIII 2006-1, the total purchase price will be $780 for each $1,000 principal amount, including an early tender fee of $50 for notes tendered by the early tender date.
The principal amount for each insurance note capital MMS, series RLIII 2006-1 through RLIII 2006-5, is $100 million. The total purchase price will be $740 for each $1,000 principal amount, including an early tender fee of $50 for notes tendered by the early deadline.
The offer will end at midnight ET on Jan. 9.
Holders also will receive accrued interest to the settlement date.
As of Dec. 9, the company owns about $98.9 million face amount of the securities, and those notes will not be tendered or included in determining the minimum tender condition.
Deutsche Bank Securities Inc. (855 287-1922) is the dealer manager. Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) is the information agent.
Genworth Life Insurance is a wholly owned indirect subsidiary of Genworth Financial, Inc., a financial security and insurance company based in Richmond, Va.
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